Largest crypto ATM operator Bitcoin Depot debuts on Nasdaq after SPAC merger

• Bitcoin Depot has merged with particular function acquisition firm (SPAC) GSR II Meteora (GSRM).
• Bitcoin Depot went forward to additionally debut on Nasdaq after the merger.
• Bitcoin Depot shares greater than doubled after debut.

Following a merger with particular function acquisition firm (SPAC) GSR II Meteora (GSRM), which was valued at $885 million in August, shares of Bitcoin Depot, the biggest crypto ATM operator on this planet, greater than doubled on their Nasdaq debut Monday.

Bitcoin Depot, located in Atlanta, Georgia, and buying and selling below the ticker “BTM,” is the primary supplier of cryptocurrency ATMs to be listed on a big American inventory trade.

In pre-market buying and selling, BTM shares climbed as excessive as $6.60, greater than double GSRM’s closing worth on Friday, earlier than tumbling to $3.39, which continues to be up 5% from Friday’s worth.

Bitcoin Depot controls a 20% market share of ATMs

In response to info from Coin ATM Radar, Bitcoin Depot operates roughly 6,000 of those machines, holding a 20% market share of ATMs in the US and a 17.6% world share.

There may be a variety of house for consolidation within the cryptocurrency ATM enterprise as a result of it’s “extremely fragmented,” based on Bitcoin Depot CEO Brandon Mintz. The corporate is now specializing in this space.

In response to Mintz, after putting in crypto ATMs in additional than 2,000 Circle Ok comfort shops during the last two years, Bitcoin Depot is pursuing analogous set up offers with different “family title retailers.”

With the assistance of crypto ATMs, clients buy cryptocurrency with money or debit playing cards and wire the tokens on to a selected pockets with out utilizing a cryptocurrency trade. Nevertheless, scammers who promote issues on web sites like eBay or Craigslist with directions for consumers to pay by depositing precise money at an ATM have additionally used them.